What's this? / Report Bad Ads
Latest News
Vatican

Holy See confirms investigation of Order of Malta

January 17, 2017. The Holy See has issued a statement Tuesday in response to "attempts by the Order of Malta to discredit” the new group established by the Vatican to conduct the investigation of why the Chancellor of the Order of Malta was asked to step down.
World

Pope sends condolences for victims of Turkish cargo jet crash

January 16, 2017. On Monday morning, a Turkish cargo plane has tragically crashed in Kyrgyzstan, killing dozens and hospitalizing many others. Many homes and vehicles in the small village are also destroyed. As a result, Vatican Secretary of State, Pietro Parolin has sent a message of condolences to the victims of the disaster on behalf of Pope Francis.
Vatican

Pope Francis to meet with Palestinian president on Saturday

January 11, 2017. Pope Francis will meet with Palestinian president, Mahmud Abbas on Saturday, January 14, at the Vatican to inaugurate the new Palestinian embassy to the Holy See.
Vatican

Former Director of the Vatican's school for diplomats, Justo Mullor dies

December 30, 2016. The smiling archbishop Justo Mullor died this morning in Rome, at the Pío XI Clinic. He was 84 years old.
Pope Francis

Pope approves new decrees for the Causes of Saints

December 22, 2016. On Wednesday, December 21, Pope Francis authorized the following decrees for the Causes of Saints:

Reduced role for Vatican's central bank: a look before and after reforms

2014-07-09

The Administration of the Patrimony of the Apostolic See (APSA) will have a reduced role in the Vatican's new financial landscape. In essence it will become the Treasury, or central bank, for the Holy See and the Vatican City State.

Up until the announced reforms, APSA had two divisions. The Extraordinary Section managed a large sovereign fund, tracing back to the Lateran Accords, where Italy agreed to compensate the Vatican financially for its loss of territory.

Meanwhile, the Ordinary Section managed the Vatican's massive real estate holdings. But it also provided funds "necessary for the Roman Curia to function.” Basically, APSA decided how and where the money was spent. 

CARD. GEORGE PELL
Prefect, Secretariat of the Economy
"The Holy Father has published a motu proprio transferring the Ordinary Section of APSA into the Secretariat of the Economy, so that the Secretariat can better exercise its responsibilities for economic control and vigilance over the agencies of the Holy See.”

As the newly-created Secretariat absorbs the economic decision-making branch of APSA, its leader, Card. George Pell, hired a familiar face to help with a smooth transition: the former business manager from the Archdiocese of Sydney.

According to the motu proprio, APSA's remaining services, managing real estate holdings and the sovereign fund, will merge under one department. The new structure will solidify its role as the Vatican's central bank.

CARD. GEORGE PELL
Prefect, Secretariat of the Economy
"The aim of the APSA as a Treasury will be to ensure that liquidity and financial stability of the Holy See and all sovereign institutions within the Holy See will have an account at APSA.”

As the central bank, APSA will continue establishing "working relationships” with other central banks. To date, the Vatican has signed agreements with several countries, including the Bank of England, the U.S. Federal Reserve, and Germany's Bundesbank.

The origins of APSA dates back to the fall of the Papal States, when the Pope created a department to oversee the properties the Vatican still controlled.

Last year, the Vatican created a special commission to review this department. At the same time, it hired the Promontory Financial Group to audit its two sections. The results from the audit and the recommendations from the special commission led to the current changes described in the motu proprio.


RCA
RR
JM
-PR
Up:AC